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October 12, 2021

This Indicator Suggests A Shift In The Gold Market

Frank Cabibi

10/12/2021

Last week, this precious metal hit as high as $1780 and ranged to the lows around the $1750s. But overall, the price has been relatively stagnant from a week ago, but last week's COT report showed us that big money could be starting to buy again.

Our outlook

With an increase in the amount of long contracts getting bought up shows that institutions could be gearing for a move in gold's price to the upside as inflationary fears return to the US. The Fed is likely not going to raise rates despite these concerns which is nothing but good news for gold. We're also seeing a decrease in the number of short positions, so shorts and longs aren't going up at the same time in the latest COT data. I think this week could have the potential to push price up to the $1780s again.

Trade Setups

XAUUSD

On the 1D chart, price is coming up to test a significant resistance level at $1780 where the pair has tested twice before. The 50 DMA is also in the way, but a strong up day could send price above. Support lies in the $1740-50s giving this consolidation range about a 40 point spread between heavy support and resistance.

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